verafin annual report

These documents are also available under the Investor Relations section of Nasdaq 's website athttp://ir.nasdaq.com/investor-relations. Investors should not rely on any single financial measure when evaluating these businesses. Quarterly results Annual reports SEC filings Financial strength rating D&B Hoovers TM Wins 3 Best Of Awards from TrustRadius! Google cookie is for Conversion Linker functionality it takes information in ad clicks and stores it in a first-party cookie so that conversions can be attributed outside the landing page. in this communication include, among other things, statements about the potential benefits of the proposed transaction, Nasdaqs plans, objectives, expectations and intentions, the financial condition, results of operations and business of The transaction accelerates Nasdaqs ongoing evolution into a leading SaaS technology provider and significantly strengthens its existing regulatory and anti-financial crime solutions. This cookie is to record user's consent for the cookies in the category "Functional". These cookies track visitors across websites and collect information to provide customized ads. By clicking Accept, you consent to the use of ALL the cookies. Verafin Inc - Company Profile and News - Bloomberg Markets }); By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.s products and services. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Scotiabank and BDC Venture Capital are the most recent investors. market according to Oliver Wyman, have become increasingly attractive solutions for financial institutions. definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. Records the default button state of the corresponding category & the status of CCPA. Osler, Hoskin& Harcourt LLP acted as Represents non-GAAP EBITDA margin percentage plus annual growth rate. This website uses cookies to improve your experience while you navigate through the website. industry. This cookie is used to store the user consent for the cookies in the category "Analytics". Risks and uncertainties include, among other things, Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other expectations with respect to Verafins business and realize expected synergies; the ability to realize the anticipated benefits of the transaction, including the possibility that the expected benefits from the transaction will not be realized or will not be realized within the expected time period; the impact of Verafins business model on Nasdaqs ability to forecast revenue results; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management's attention from Nasdaqs ongoing business operations; significant transaction costs; unknown liabilities; future levels of Nasdaqs indebtedness, including additional indebtedness that may be incurred in connection with the transaction; and the effect of the transaction on Verafins business relationships, operating results, and business generally. Articles, Webinars, White Papers and more. opportunities in the province and the country., Friedman continued, In addition to Verafins significant contribution to Nasdaqs These cookies are used for advertising, site analytics, and other operational purposes. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. This cookie is used to store user's last activity, it is created by user's last activity time following with a unique multiple-digit number as session ID. Verafin Completes C$515 Million Equity and Debt Recapitalization Nasdaq believes that its deep relationships with the majority of leading Tier 1 and Tier 2 banks globally will accelerate Verafins strategy of Nasdaq also received financial advice from BofA Securities, Goldman displacing legacy providers and manual processes with its cloud-based, state-of-the-art, market-proven solution. Get a D&B Hoovers Free Trial. This cookie is used to record the user consent for the cookies in the "Advertisement" category. Configurable Dashboards Manage and transform your information into key business insights. Microsoft Clarity cookie, used in synchronizing the MUID across Microsoft domains. To track previous page view id and url. Nasdaq believes presentation of these measures provides investors with greater transparency and supplemental data relating to financial condition and results of operations. Verafins capabilities will be available to the global network of nearly 250 banks, exchanges, broker-dealers and buy-side organizations, and regulatory Sign up to receive the latest educational resources about today's financial Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Google DoubleClick IDE cookies are used to store information about how the user uses the website to present them with relevant ads, according to the user profile. Represents revenues less transaction-based expenses. LinkedIn cookie, to store data about the time when a synchronization took place with the cookie lms_analytics for users in the designated countries. Verafin emphasizes a holistic approach to eradicating financial crime and its platform supports a consortium of several of the Verafin's. This cookie is used to store the user consent for the cookies in the category "Other". These cookies are used for advertising, site analytics, and other operational purposes. Together with Verafins founders and employees, we look forward to building Nasdaq into a global leader in anti-financial crime management solutions. Nasdaqs ability to secure regulatory approvals on the terms expected, in a timely manner or at all; Nasdaqs ability to successfully integrate Verafins operations; Nasdaqs ability to implement its plans, forecasts and other Sales bookings and deal size at the company each grew by. Bloomberg Anywhere Remote Login. With Security in the Verafin Cloud The Verafin Cloud is a secure infrastructure for data storage and analysis, which provides convenient, on-demand access to the Verafin Verafins secure cloud infrastructure enables technology advancements,superior customer service and application enhancements. This financing round with our long-term partners Spectrum Equity and IVP allows Verafin to accelerate our investments in product innovation and customer success, and continue our progress in market penetration of larger financial institutions, said Jamie King, CEO of Verafin. Verafins innovative fraud and AML detection platform, combined with Nasdaqs. In addition, Nasdaq admires the extensive charitable and community support that Verafin has provided to date and Longview Communications& Public Affairs (Canada). Looking ahead, Verafins capabilities will be expanded to service a global ecosystem of Tier-1 and Tier-2 banks and broker-dealers, many of which currently leverage Nasdaqs technology to detect market manipulation and abuse. $('#wpaloginform label[for="user_email_username"]').text("Enter your email address"); LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Bing Ads sets this cookie to engage with a user that has previously visited the website. This cookie is used to store the user consent for the cookies in the category "Necessary". Verafins approach includes big data intelligence, visual storytelling and collaborative investigations to help institutions stay a step ahead of regulatory change and financial crime. Type a symbol or company name. Learn More About CTRs > Learn More About SARs > Integrated Case Management. It offers fraud detection, anti-money laundering, high-risk customer management, online account takeover detection, and other solutions. 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Copy and paste multiple symbols separated by spaces. Additionally, we are committed to Driving the market is an uptick . Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. This cookie is used to store the user consent for the cookies in the category "Performance". Verafin is the industry leader in enterprise Financial Crime Management solutions, providing a cloud-based, secure software platform for Fraud Detection and Management, BSA/AML Compliance and Management, High-Risk Customer Management and Information Sharing . Copyright 2019, Verafin Solutions ULC All rights reserved. ET, Nasdaq will host a webcast presentation to discuss the transaction. LinkedIn sets this cookie to store performed actions on the website. This cookie is used by Leadlander. Verafin Company Profile - Office Locations, Competitors, Financials The cookie is used to store if a user has or has not consented to the use of cookies. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. Management uses thisnon-GAAPinformation internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. Verafin analyzes customer activity across multiple transaction channels, providing you with robust alerts that highlight a wide range of fraudulent scenarios and protect you against fraudsters targeting your institution and customers. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Nasdaqs and Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Award-Winning Sales Intel. Verafin provides artificial intelligence and machine learning to give you the ability to quickly uncover illicit activity, along with solutions to strengthen your end-to-end BSA/AML compliance program. Over 2,000 banks and credit unions use Verafin to effectively fight financial crime and comply with regulations. Verafins legal advisor. . Additional financial terms were not disclosed. Nasdaqs investment will help Verafin expand its Senior debt financing for the transaction was led by Wells Fargo Capital Finance and included Scotiabank in the syndicate. Their latest funding was raised on Sep 25, 2019 from a Private Equity round. Verafin is a company that provides financial crime management solutions. Verafin expects to deliver in excess of US$140million4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth measures, including organic revenue growth, non-GAAP EBITDA and ROIC. Since we began discussions with Nasdaq, we felt their DNA strongly mirrored our own core values: innovation, What will they do with all the cash? Nasdaq is now updating its outlook for the organic growth in non-GAAP operating expenses over the medium-term to 3-6% up from the 2-4% amount previously announced, reflecting the strong growth expectations of Verafin and our combined anti-financial crime technology offering. The acquisition would value Verafin at more than $3.5 billion, and boost Nasdaq's position in the data-intelligence market. At the core of Nasdaqs mission, we champion fairness and integrity in the markets that we build and in the broader financial ecosystem in which we Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously. This press release includes certain non-GAAP financial LinkedIn sets this cookie to store performed actions on the website. extraordinary growth and stellar client retention. To identify unique web browsers visiting Microsoft sites. The test_cookie is set by doubleclick.net and is used to determine if the user's browser supports cookies. The cookie is used to analyse the website's visitors and monitor traffic patterns. Breaking down Nasdaq's US$2.75-billion deal for Newfoundland tech benefits from the proposed transaction will not be realized or will not be realized within the expected time period; the impact of Verafins business model on Nasdaqs ability to forecast revenue results; disruption from the transaction We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. This cookie is used to store the user consent for the cookies in the category "Necessary". To identify unique web browsers visiting Microsoft sites. This cookie is used to store user's information to prepopulate the forms and track user's site usage. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Microsoft Clarity cookie. ARR does not have any standardized The cookie is used to store if a user has or has not consented to the use of cookies. At the time, we were talking. Verafin raised a total of $422.2 M in funding over 3 rounds. To this end, Nasdaq discussion of this and other non-GAAP measures. As previously disclosed in Nasdaqs press release on November 19, 2020 regarding the acquisition of Verafin, the inclusion of Verafin increases the growth potential of Nasdaq, resulting in managements outlook for organic revenue growth in the Market Technology business of 13-16% CAGR over the medium-term (3-5 years), and an increase to its outlook for the broader Solutions Segments businesses to achieve a 6-9% organic revenue CAGR over the medium-term. Verafin will continue to operate in St. Johns, Newfoundland and Labrador as a stand-alone organization aligned with Nasdaqs Market Technology business. When the symbol you want to add appears, add it to My Quotes by selecting it and pressing Enter/Return. Verafin expects to deliver in excess of US$140 million 4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. The acquisition of Verafin is expected to deliver EPS accretion beginning in 2022 and meet Nasdaqs ROIC, or The transaction meets all of Nasdaqs acquisition investment criteria: Verafin is a strong strategic and cultural fit, accelerating Nasdaqs evolution into a technology, analytics comparative measure. Verafin is funded by 10 investors. This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance with U.S. GAAP. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those The proposed deal comes just over a year after Verafin clocked the biggest venture funding round in Canadian history: a $515-million equity and debt recapitalization deal to help build out its product innovation and land bigger clients in the banking sector. Income Statement Trend Summary and GAAP to Non-GAAP Reconciliation, Read our 2021 Sustainability Report, TCFD Report, and GRI, SASB, and WEF Indexes. Nasdaq believes that thesenon-GAAPmeasures provide useful information to management and investors regarding certain financial and business trends relating to Nasdaqs financial condition and results of operations. HALIFAX Newfoundland and Labrador-based anti-financial-crime software firm Verafin has agreed to be acquired by stock-exchange operator Nasdaq in an all-cash deal valued at US$2.75 billion. Heres a closer look at the factors driving the dealand whos set to profit should the acquisition go through. strategic ambitions, the acquisition also furthers our goal to be a premier provider of cloud-based SaaS solutions to the global capital markets and beyond. . For more information, including a complete list of portfolio investments, visit www.spectrumequity.com. Quarterly results Annual reports SEC filings Letters to shareholders Financial strength rating Financials Letters to shareholders Read the latest message from Markel's co-chief executive officers to our business partners. These symbols will be available throughout the site during your session. 7819, Media, Analysts and General Contact LinkedIn sets this cookie for LinkedIn Ads ID syncing. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Document - SEC Verafins all-in-one Anti-Financial Crime platform for crypto companies provides a full fiat-to-blockchain view of cryptocurrency activity, leveraging behavioral analytics to help you effectively identify crime, From investigators and senior management, to deposit operations, collections and front-line staff Verafin can help all areas of your institution combat financial crime. will, believes, expected, projected and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Represents one of the largest ever growth financings of a Canadian software business, Funding will accelerate Verafins product innovation roadmap and the expansion of sales and marketing initiatives into large financial institutions. Verafins results will be reported within Nasdaqs Market Technology segment. proposed transaction on the market price of Nasdaqs common stock or on Nasdaqs operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; Visitwww.verafin.com, emailinfo@verafin.comor call 866.781.8433. Diebold Nixdorf, Inc. - Financials - Annual Reports and Proxy This information should be considered as supplemental in nature and is not meant as a substitute for operating results in accordance with U.S. GAAP. Anti-financial crime technology represents a large and growing sector with structural and regulatory tailwinds. operate, and combatting financial crime is central to achieving our goals. This cookie is used to record the user consent for the cookies in the "Advertisement" category. + Go To Resource Report Archives - Verafin 2023, Nasdaq, Inc. All Rights Reserved. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. and opportunity throughout the community as we continue to grow our business, said Jamie King, Chief Executive Officer, Verafin. Further information on these and other risk and uncertainties relating to Nasdaq can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with theSECfrom time to time and available atwww.sec.gov. These measures are not in accordance with, or an alternative to, U.S. GAAP, and A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. Forward-looking statements may be different from non-GAAP measures used by other companies. The cookie is used to store and identify a user's unique session ID for the purpose of managing user session on the website. Wachtell, Lipton, Rosen& Katz and Blake, Cassels& Graydon LLP served as legal advisors to Nasdaq. Nasdaq highly values the skills and expertise of Verafin employees and will invest to both maintain and increase Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Also, cash aggregation reports from the financial institution's core system used to identify needed CTRs would not be considered a model. Nasdaq and Verafin believe that these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Verafins financial condition and results of operations. This cookie is to store the resource that was in user's last activity. Further information on these and other risk and uncertainties relating to Nasdaq can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with theSECfrom time to time and available atwww.sec.gov. But opting out of some of these cookies may have an effect on your browsing experience. LinkedIn sets this cookie, to store consent to use cookies for non-essential purposes. To connect multiple page views by a user into a single Clarity session recording. . In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces its usefulness as a comparative measure. Robert WEBB, robert.webb@verafin.com 709.752.3050 ext. Copy and paste multiple symbols separated by spaces. Verafin is the exclusive provider for Texas Bankers Association, Western Bankers Association, Florida Bankers To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com. As previously disclosed in Nasdaqs press release on November 19, 2020 regarding the acquisition of Verafin, the inclusion of Verafin increases the growth potential of Nasdaq, resulting in managements outlook for organic revenue growth in the Market Technology business of 13-16% CAGR over the medium-term (3-5 years), and an increase to its outlook for the broader Solutions Segments businesses to achieve a 6-9% organic revenue CAGR over the medium-term. These symbols will be available throughout the site during your session. Verafin expects to deliver in excess of US$140 million 4 in revenue in 2021, representing an implied multiple of approximately 19.5x revenue, in line with high-growth SaaS companies. This cookie is to record user's consent for the cookies in the category "Functional". Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. See the bigger picture with reporters and industry experts in subscriber-exclusive events. Analytical cookies are used to understand how visitors interact with the website. privacy. This SHARE PURCHASE AGREEMENT (this "Agreement"), dated as of November 18, 2020, is made by and among Nasdaq, Inc., a Delaware corporation ("Parent"), Osprey Acquisition Corporation, a corporation existing under the CBCA and a wholly owned subsidiary of Parent ("Buyer" and collectively with Parent, "Buyer Parties"), Verafin Holdings Inc., a corporation existing under the CBCA .